Made extreme options move the last two days which paid off yesterday . took $1100 profit on cmg put (taco overpriced company) . moved heavily into gold, silver and oil options. also bought chk options which over all gave me a nice profit for yesterday.
If oil continues up and Brent Light Crude bounced off $120 a barrel this am then oil options should look very good again today.
We are screwed when it comes to oil because we have basically shut down gulf drilling with Obama's freeze there. Oil rigs have left and Libya used to produce the equivalent of the Gulf production. That looks to be in doubt as to when that comes back online anytime soon. Any other spread to problems in Bahrain or Saudi Arabia will cause $5.00 gas. This will have to put the screws to any economic recovery.
Our response to the situation was Obama says the "Libyan situation is totally unacceptable". Wow I'm sure that will really do much to fix the situation. We are as a country are so far behind the curve in our ability to be self sufficient on energy yet we have spent tons of money on talking and talking about energy conservation.
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